Exclusive Networks (EXN) AGM 2024 summary

Opening remarks and agenda

• Warm welcome extended to shareholders, with meeting accessible in English and French, and audio broadcasted online for remote participation.

• Committee of the meeting constituted, with chair, scrutineers, and secretary appointed; statutory auditors present.

• Agenda and resolutions published in official gazettes and on the company website in advance, with all regulatory documents made available to shareholders.

• Quorum confirmed at 91.81% of capital and voting rights, allowing the meeting to proceed and deliberate validly.

• Sixteen resolutions scheduled for voting, covering both ordinary and extraordinary matters.

Financial performance review

• 2023 marked a record year, with gross sales surpassing EUR 5 billion and exceeding all guidance.

• Gross sales up 16% to EUR 5.15 billion; net margin reached EUR 468 million; adjusted EBIT up 20.6% to EUR 186 million.

• Americas region saw gross sales rise 30% to EUR 689 million, reflecting successful growth strategy.

• Net vendor retention rate at 113% and net customer retention rate at 112%, indicating strong relationships.

• Adjusted operating free cash flow reached EUR 254 million, with leverage ratio reduced to 0.8x.

Board and executive committee updates

• CEO highlighted the company's scalable model, strong team of 2,800 employees, and continued outperformance since IPO.

• Two acquisitions completed in 2023: Ingecom and Consigas, both integrated successfully.